Ivan Mike

Apr 27 No Comments

The Coral Gables Neighborhood

Author: Ivan & Mike

Categories: Miami Beach Real Estate

The Coral Gables Neighborhood Experience Guide

Coral Gables ranks as one of Miami’s iconic neighborhoods, representing the many qualities expected of the Sunshine State’s much-vaunted lifestyle. Its reputation as the poster child community of the City Beautiful Movement that began in the 1920s makes it a primary consideration when considering a luxury real estate location. For those wealthy snowbirds and permanent Florida residents particularly drawn to the Mediterranean Revival style architecture and unsurpassed privacy, the Coral Gables neighborhood fits the bill perfectly. At the same time, home seekers, after a single-family home or condo, are never bored. Old Spanish bungalows amongst Key West Island mansions and sprawling ranches (built in the 1950s and 60s) appeal to all tastes and preferences. Themed penthouse buildings with private-elevator entries to every unit can stand anywhere in the world. See all the Coral Gables homes for sale

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Think of docking your yacht a few feet from your living room, with azure blue waters disappearing into the distance behind it. If that’s close to your dream, the Coral Gables neighborhood has it in abundance. Residences on the market for over $50 million leave no doubt that this enclave ranks with Palm Beach Island’s Worth Avenue region, Star Island, and other billionaire famous locales. This Miami pearl is, or at some point, has been home to celebrities Julio Iglesias, Marc Anthony, Dave Barry, Antoine Walker, Alex Rodriguez, and Pat Riley of Miami Heat fame. Shaq O’Neal lives within a figurative stone throw’s distance in the sister-neighborhood of Coconut Grove. In short, the opinion leaders are here and playing, getting the best of what Florida has to offer.

There’s much more to the Gables than meets the eye

If we drill down a bit further, the Gables (as it’s popularly referred to) is, indeed, six districts. The region contains a range of homes priced from $1 million up, with waterfront residences and lots starting at $2 million. It’s footprint features golf tracks that epitomize spectacular vegetation, water views, and sporting challenges rolled into one. Look no further than Santa Maria, Alhambra Circle, Granada, Riviera, and the Biltmore, where you can purchase private memberships with optional conditions. Pedestrian-friendly, the neighborhood is the polar opposite of hectic South Beach featuring pristine, uncrowded, tree-lined sidewalks.

The Coral Gables’ Communities deserve special mention

No article on the Gables would be complete without mention of the different communities, all of which offer different brands of relaxation and comfort across the spectrum mentioned above. Of course, there are commonalities, but when the residents are paying in the millions specific features make a difference:

Cocoplum

A primary Coral Gables neighborhood, with a wide variety of single-family homes currently starting at $2.2 million and going as high as $34 million. The average sold price is $722 per square foot. Some houses date back to 1976, and yet there are others built this year. The smallest is around 3180 square feet and the biggest 18,359 square feet under air. Cocoplum homes for sale

Cutler Oaks Estates

This is a neighborhood dating back to 1991 with single-family homes selling on average at around 50% of Cocoplum at $314 per square foot but still a median price of $2 million. Putting the two metrics together, one can see that houses in this community are 7000 square feet plus. Cutler Oaks Estates homes for sale

Deering Bay

With single-family homes and some condo buildings ranging from $975,000 – $4 million, this community sprung up in 1993 with square footage averaging out at 4,500 square feet. The median price per square foot sold is around $451. Deering Bay homes for sale

Gables by the Sea

One of the most sought after gated community developments built around a boater’s lifestyle. Located on beautiful canals and Biscayne waterways with no bridge interference. The sale price per square foot is over $500, and the average selling price is just over $2 million. Gables by the Sea homes for sale

Gables Estates

Now, this is a community for single-family homes that’s in a different league. Initiated in 1964, the selling price per square foot is 4.5 times the Cocoplum same-metric at $2500. If you are thinking of paying less than $5 million, this is not the hunting ground for you. If you’re a big spender, expect to see residences of over $29 million. The median price – a sobering one – is a touch below $10.2 million. Gables Estates homes for sale

Hammock Lakes

A 1953 part of Coral Gables, with mansions as the favored residence, there’s nothing less than 4500 square feet at an average selling price of $801 per square foot. The median sales price is close to $6.1 million. Hammock Lakes homes for sale

Hammock Oaks

A development started in 1961 and continues to this very day. Single-family homes go for $990,000 to $2.5 million (on the water) with an average of $553 per square foot. You can get a relatively smaller home here (around 2500 square feet) and many at 6600 square feet. Hammock Oaks homes for sale

King’s Bay

One of the more affordable sections of The Gables at the average cost per square foot of $312. Top prices recently are under $1.2 million, and the median price just above $700,000. If this is your starter home and you want to get a foothold in Coral Gables, start looking here. King’s Bay homes for sale

Journey’s end

The single-family homes here are huge – all between 7300 and 8000 square feet @ $750 a square foot average. You need many bucks to live here. It’s been a work in progress since 1971. Journey’s End homes for sale

Old Cutler Bay

This is another old Gables development that kicked off in 1967. It boasts an average cost per square foot of $1000, Known for varied architecture, single-family homes start at $2 million going as high as $16 million. Old Cutler Bay homes for sale

Snapper Creek

A little like Old Cutler Bay but with less pricing steroids. Average single-family home sales priced at $750 per square foot. Prices start at $2000,000 and climb to as high as $10 million. The area is 65 years in the making, having started in 1956. Snapper Creek homes for sale

Sunrise Harbor

An enclave started in 1957, single-family homes are currently on the market for higher than $13 million. It reflects an average sales price per square foot of over $1000. There’s a big price spread, and residences can be found for under $1 million if you look carefully. Sunrise Harbor homes for sale

Tahiti Beach

A jewel of Coral Gables, this is a secured, private, waterfront community containing 26 stunning homes with asking prices going as high as $34 million. There’s nothing less than $6 million. It’s the complete symbol of the lifestyle every Gables resident aspires to. Tahiti Beach homes for sale

Is there any action around Coral Gables?

Don’t get the idea that the Coral Gables Neighborhood closets you in any way. You can be drinking martinis poolside in the morning and dancing the night away in Key Largo after an hour’s drive in your Masserati. Or motorboat to Bimini, a comfortable two-hour stretch. Then don’t forget the fine-dining choices in Miami on the beaches and cultural sections like Little Cuba and the Designer District. If you and your spouse love to shop, iconic brand selections like Porsche, Gucci, Fendi, and Rolex are endless. Find them in malls all over the city and on almost every street close to the ocean. For convenience, we suggest the world-famous Bal Harbour Shops or right on your doorstep at Shops at Merrick Park located in the heart of Coral Gables.

Feb 26 No Comments

Tax benefits of moving to a permanent home in Florida

Author: Ivan & Mike

Categories: Miami Beach Real Estate

Tax benefits of moving to a permanent home in Florida

You are a died-in-the-wool northerner. Lived in Brooklyn a good part of your life, then moved to New York City (NYC) to take up an investment banking career. Since turning fifty-five, you’ve been spending the winter months in a now dated, but comfortable, North Miami Beach condo. And every year you find yourself staying longer, playing more golf and tennis, and sitting on the white beaches thinking. Lately, your biggest thought has been, “Why not make this permanent?” Pack up everything – lock, stock, and barrel – and make the Sunshine State home.

The Pros and Cons of a permanent Florida move

It’s not a fantasy. You’ve experienced the champaign weather Florida offers on a silver platter from November through to April. Besides, who says that changing your state residency stops you from switching things around? You can still spend the sweltering periods in the Big Apple, but escape paying taxes there. Travel costs back and forth even out either way.

Lots of your buddies have made the Florida transition already. Healthcare’s not an issue, you have connected with excellent providers, and Medicare offers a broad choice. Hospital facilities like Jacksonville Memorial and Miami University’s Baskin Palmer are world-class. Even the Cleveland Clinic has a footprint in Florida.

Pro #1 – Taxation benefit

So let’s get to the crux of the matter. The huge attraction – the icing on the cake – is paying less tax.

Florida is a zero tax state, and NYC isn’t. It can represent a substantial 12% of your annual income cut from your tax bill out-of-the-gate (i.e., taking city and state taxes into account). At your high-end income, the benefit is nothing to be sneezed at.
Also, the recent Trump cap on state and local income tax deduction (SALT) from your federal tax calculation, at only $10,000, fuels your desire to come south even more.

Is there more to it than income tax? Oh, for sure there is!

Pro #2 – Investing out of one residence into another

Selling your primary residence in NYC may put three or four million dollars in your pocket at current values – even in a cooling market (according to Zillow).

Perhaps you’re leaning toward a signature residence in a premier seafront condo building. You can keep your existing one for the kids when they visit and move up to a super-luxury development like Eighty Seven Park with an easy connection to South Beach. At worst, a dollar for dollar exchange investment-wise. If you opt for just the one, you’ll likely put a lot of free cash in your pocket.
There’s no gain on the property taxes. Surprisingly, NYC is a little lower than the average in Miami – especially after the extra additions for non-ad Valorem services and “miles” multiplications for schools and community services. Note that the city is an exception when looking at state property taxes. New York state is substantially higher than Florida – more than double.

Here are the cons

High tax states don’t let you off the hook that easily. They’re onto the wealthy retiree exodus trend, and the indications are authorities will make things more complicated, not easier. Expect domicile scrutiny, so make sure the transition is for real. There’s no limit to how far the high-tax-state gatekeepers will drill down to prove your move is a farce, so don’t underestimate them.

There are some decisive steps and sacrifices one has to make. Some may be easy, but others could implode your plan if not taken seriously:

Continuing property or work income in NYC will attract nonresident state taxes (i.e., no city taxes) – around 8% of income on the top end. It’s unlikely, but there may be other state credit forfeitures and surcharges that play into your situation, payable as you leave residency. Check it all out carefully with your accountant.
It’s logical to believe that the wealthier you are, the higher the probability of a domicile audit. It’s especially the case if sizable percentage your nonresident income is still NYC based.
Aside from the caveats above, the definition of the law is pretty murky. The burden of truth is on you to prove you no longer live in NYC. Of course, the first step is to notify the right entities of the change the second you make it.
Get a Florida driving license, register to vote there, keep a record of transactions with local retail outlets. Also, have Miami registered motor vehicles, and advisably none in NYC.
Make sure you have enough utility bills with the Miami address, your name, and that of your spouse’s on them.

In a nutshell, don’t spare anything when it comes to accumulating documentation to show that Miami is where you live now. Finally, make sure you spend at least 183 full days in Florida. Some pedantic forensic tax sleuths may take things as far as seeing if that’s true.

Conclusion

For some, the city-to-city emigration is a no-brainer. For others, it’s a head-scratcher. The more time you’ve spent living in the Sunshine State and liked it, the better. There are significant cash and tax benefits there for the taking with a minimal downside if most of the lifestyle and monetary boxes tick off. If they don’t, think again and step lightly before leaping.